The Incentive Effect of Enhancing Domestic Demand Power on Enterprise Innovation
The Chinese government's public policies on innovation incentives are mostly concentrated on the supply side.Although the policy support is strong,the incentive effect still needs to be improved.Therefore,can expanding domestic demand policy effectively stimulate enterprise innovation?This is an important aspect of testing the effectiveness of expanding domestic demand policy.From the perspective of theoretical logic,the purpose of enterprise innovation is to expand the market better and obtain profits,so the demand market for innovation is important.The problems that plague enterprise innovation not only appear in the process of R&D investment and innovation.How to transmit the quality information of innovative products to the market will inevitably constrain the innovation behavior of enterprises.Against the above background,this paper theoretically explains how the expanding domestic demand policy stimulates enterprise innovation through the information leverage effect.Furthermore,this paper uses the energy-saving subsidy policy aimed at stimulating domestic demand and enhancing domestic demand power from 2011 to 2014,sorts out the list of"selected enterprises-subsidized products"of the policy,constructs a difference-in-differences(DID)model,and empirically tests how the policy influences enterprise innovation through the information leverage effect.The results show that after the implementation of the policy,the number of patent applications of the affected enterprises increased by 22.34％on average,and it is not limited to the technological innovation directly related to the policy.The results are still robust after using instrumental variables and other methods.The mechanism analysis shows that the more positive the quality certification information issued by the policy,or the less product quality information issued by enterprises,the greater the role of the policy through the information leverage effect,and the stronger the incentive effect on enterprise innovation.Additionally,the expanding domestic demand policy encourages enterprises to pay more attention to high-tech innovation.The possible contributions of this paper are as follows.Firstly,existing literature fully explores the impact of supply-side public policies on enterprise innovation,but lacks attention to demand-side policies.This paper examines the impact of expanding domestic demand policy on enterprise innovation,which not only fills the gap in demand-side related research but also provides a reference on how to stimulate enterprise innovation more effectively.Secondly,existing literature mainly focuses on how the certification information of public policy affects external investors.This paper explores how the certification information of public policy affects consumers'purchase decisions,which is a further supplement to relative research.Thirdly,this paper explores how the expanding domestic demand policy can exert the information leverage effect,enriching the research perspective on information leverage behavior.Finally,the following policy recommendations are proposed.In the process of promoting enterprise innovation,the government should pay more attention to the role of demand-side support policy.It is suggested to explore the stepwise product quality certification model to improve the certification efficiency of demand-side policies.The government can also build a public platform for innovative product quality assessment to provide an official reference for consumers'purchase decisions.
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